Grasso: Beware Stocks’ 'Kryptonite Level'

With stocks near five-year highs, it's a good time to be a seller, Stuart Frankel's Steve Grasso says.

With stocks near five-year highs, it's a good time to be a seller, Stuart Frankel's Steve Grasso said Monday on CNBC.

"A whole potpourri" of concerns, including lingering "fiscal cliff" issues, negotiations on the federal debt ceiling and the question of corporate earnings put the S&P 500, which closed at 1,461, at a "kryptonite level," he said on "Fast Money."

"I'd rather be a seller at this point," he said.

Grasso added he would wait until stocks crossed the 1,465 level, which would signal the possibility of a run toward 1,500.

"Preferably, I'd rather wait until 1,475," he added.

Trader disclosure: On Jan. 4, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Anthony Scaramucci is long AAPL; Anthony Scaramucci is long C; Anthony Scaramucci is long JPM; Anthony Scaramucci is long YHOO; Anthony Scaramucci is long DIS; Tim Seymour is long BAC; Tim Seymour is long SBUX; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long KSS; Steve Grasso is funds long MSFT; Steve Grasso is funds long HPQ; Steve Grasso is funds long MU; Steve Grasso is funds long ZNGA; Steve Grasso is funds long JPM; Steve Grasso is funds long KKR; Karen Finerman is long AAPL PUTS; Karen Finerman is long BAC; Karen Finerman is long AAPL CALLS PREADS; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long MA; Karen Finerman is long DIS; Karen Finerman is long CVS; Karen Finerman is long TGT; Karen Finerman is long M; Karen Finerman is long FINL; Karen Finerman is short SPY.